Start Up Loans, a division of the British Business Bank, is pleased to announce a significant milestone in its efforts to support aspiring entrepreneurs. Since its inception in 2012, the programme has successfully provided over £100 million in funding to business owners aged 18-24, resulting in more than 15,000 loans.
In the South West, the programme has allocated £7.5 million to 1,008 young entrepreneurs. Devon, Cornwall, and Gloucestershire have emerged as the most entrepreneurial counties in the region, with Dorset and Somerset also demonstrating a strong entrepreneurial spirit.
The breakdown of loans by county in the South West is as follows:
– Devon: 248 loans
– Gloucestershire: 143 loans
– Cornwall: 140 loans
– Dorset: 139 loans
– Somerset: 134 loans
These funds have been utilised for businesses in industries such as retail, hospitality, and arts and entertainment, reflecting the diverse entrepreneurial ventures that have been supported.
The Start Up Loans programme has recently launched an information campaign targeted at students considering entrepreneurship as a career path. This campaign aims to provide students with the necessary resources to turn their business aspirations into reality. Students can access information by scanning a QR code featured on posters and screens across college and university campuses.
The programme offers aspiring entrepreneurs the opportunity to borrow up to £25,000 at a fixed interest rate of 6% per annum, with a repayment period ranging from one to five years. Furthermore, participants benefit from 12 months of free business mentoring, creating a comprehensive support system for business development.
Amidst the success of the programme, new data has highlighted its socio-economic impact, particularly among young entrepreneurs. Notably, 16.5% of all loan recipients aged 18-24 were previously unemployed, illustrating the programme’s role in facilitating economic empowerment. Additionally, 39% of the loans have been allocated to female business owners, and 24% to business owners from ethnic minority backgrounds, promoting inclusivity within the entrepreneurial landscape.
One such success story is Joel Jones, a 24-year-old from Cornwall, who secured a £20,000 Start Up Loan to establish his business, The Mixer. His venture involves converting a classic VW campervan into a mobile cocktail bar, catering to weddings and parties. Joel’s entrepreneurial journey serves as a testament to the opportunities facilitated by the Start Up Loans programme, enabling ambitious individuals to realise their business ambitions.
As the Start Up Loans programme continues to empower and support young entrepreneurs, its impact reverberates across the South West. The stories of individuals like Joel Jones underscore the importance of initiatives that foster entrepreneurship and innovation within the region.
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